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Lila and Ted Are Married and Have AGI of $337,000

question 4

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Lila and Ted are married and have AGI of $337,000 in 2015.They had their first children this year,twins.Lila and Ted will be allowed a deduction for personal and dependency exemptions of


Definitions:

Accrued Vacation Pay

The amount of vacation time that employees have earned but not taken, often calculated to represent a financial liability for the employer.

Defined Contribution Pension Plan

A retirement plan in which the employer, employee, or both make contributions on a regular basis, but final benefits depend on the plan's investment performance.

Northern Trust

A financial services company providing wealth management, asset servicing, and banking solutions.

Vacation Pay

Compensation employees receive for their time off work, as determined by their employment contracts or company policies.

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